Posted on 10/08/2010 3:20:36 PM PDT by Libloather
Reid calls on lenders to halt foreclosures in all states
By Jia Lynn Yang and Ariana Eunjung Cha
Washington Post Staff Writers
Friday, October 8, 2010; 4:10 PM
Senate Majority Leader Harry Reid (D-Nev.) called on major lenders to halt foreclosures across the country Friday following Bank of America's announcement that it will suspend all such proceedings until a review of possible paperwork problems is completed.
Reid, who had sent a letter to major banks asking them to suspend foreclosures in Nevada, extended his concern to include all 50 states.
"I thank Bank of America for doing the right thing by suspending actions on foreclosures while this investigation runs its course," he said. "I urge other major mortgage servicers to consider expanding the area where they have halted foreclosures to all 50 states as well."
Reid is the latest Democratic leader to join a growing chorus of lawmakers and state attorneys general who have called for greater scrutiny of the foreclosure process and a nationwide moratorium. Homeowner advocates say that lenders have used dubious paperwork to expedite the eviction of homeowners who are behind on their payments.
Pressure on the banks continues to grow on Capitol Hill, where Sen. Christopher J. Dodd (D-Conn.) said Friday that the banking committee he chairs will hold hearings Nov. 16 to investigate the foreclosure paperwork morass.
(Excerpt) Read more at washingtonpost.com ...
Outsourcing the news?
of course halt foreclures then the dems are gonaa run in and save the day watch its the oct suprise cancel all debts watch and see
“...possible paperwork problems ...”
are there any verified cases of actual problems??
is all of this going down with no actual cases to cite??
As the Communists put an end to private property America sleeps.
And what happens to all the mortgage holders assets? Those mortgages are an important part of their balance sheets and if the Dimocrats force them to write them off, these "bankers" will lose a large part of their assets. They will then have to fix their accounting to reflect the massive losses that would incur causing many of these banks to be in danger of closing their doors. Which might not be a bad thing to happen.
The Marxist Democrat Party is intent on destroying the entire economic system of America. They have already started in on our currency. The Democrats have thrown a good part of the housing industry/market into chaos. Now they are working on the value and security of all private contracts and property. How soon before marxist Obama and his Democrat Party declare a free-for-all on department stores, grocery stores, buildings, land, etc. Welcome to Barack “Robert Mugabe” Obama’s ZIMBABWE AMERICA! I truly believe that’s what Obama and his Democrats want to do to America.
Exactly...
It is so stunning that it took me a while to actually believe it, but Bank of America, JPMorgan, and GMAC have engaged in a massive campaign of perjury. The bank submitted an affidavit, in which a bank office swore that the loan documentation was correct. Under cross-examination, the signers admitted they never read the documents (that they were swearing they had reviewed and were correct).
There have been a few high-profile cases where the documentation was NOT correct, including one where Bank of America foreclosed on someone who had paid for his house in full at the time of purchase.
A suspension of foreclosure is the very best those banks can hope for, because it means their only punishment for perjury will be a do-over.
clear, thanks
How many would you like?
just responding to the wording of the article, “...possible paperwork problems ...”
Yes, that is a typical J-school major construction. It is why they continue to call self-admitted rapists “alleged” in the evening news.
The reason why I would not have used the word “possible” is that there are now court rulings in the last two weeks that make it a statement of legal fact. There are sworn depositions as to the problems with the paperwork. There are the banks and bankers’ lawyers themselves withdrawing affidavits “to correct errors.”
That there are problems is now a pretty clear and unequivocal issue.
The typical J-school major, tho, hasn’t the brains to realize that there’s no “possibility” any more.
thanks for clearing that up
The Democrats are afraid of what will be revealed when this is sorted out, if it ever is. They want to put off the day of reckoning until at least after the election.
>>The Democrats are afraid of what will be revealed when this is sorted out, if it ever is. They want to put off the day of reckoning until at least after the election.<<
Yes, my first thought, too. How interesting, the timing. Let’s not let this get out too soon, and disturb the delicate balance of the upcoming election.
Perhaps just enough Dems will be elected to keep this destructive course going.
“I thank Bank of America for doing the right thing by suspending actions on foreclosures while this investigation runs its course,” he said. “I urge other major mortgage servicers to consider expanding the area where they have halted foreclosures to all 50 states as well.”
oh yes, millions of Americans are THANKFUL TOO while they sit in their bank owned homes for FREE and save their money for that upcoming rainy day.
OK, I found a case from this past spring that I’ve been wanting to find a URL for.
In this case, the court found that the law firm of David Stern (google them, and you’ll see that they’ve handled 10’s of thousands of foreclosure cases) committed “fraud upon the court.” As a result, the court dismissed the foreclosure claim with prejudice (meaning it cannot be brought again), the court found that the notarized date was impossible, that the bank could not produce the note, and the law firm treated the court with disdain.
Result: Homeowner now has a house, free and clear of any further complaint by US Bank, NA.
http://online.wsj.com/public/resources/documents/HarpsterCase.pdf
I’m not a lawyer, but I’ve found the following to be very sound policy when in a court of law:
Don’t lie to the judge.
OK, not to piddle all over a conspiracy theory in its infancy, but here’s the straight poop:
This fraud by banks and the law firms they’ve hired to bring these foreclosure actions has been known for quite some time. It is just blowing up now for one and ONLY one reason:
A couple of depositions and court decisions finally caused Old Republic Title Insurance to examine the issue. They did and decided to cease writing new title policies on foreclosed properties of GMAC/Ally. GMAC, you remember, is now part of Uncle Sugar’s plantation, with Uncle owning the majority share of Ally.
Suddenly, the banks were exposed to the risk they’ve created. They could no longer fob their BS off on someone else. And in particular, Uncle Sugar’s own bank was in the hot seat.
The decisions have been coming down through the courts for months - going back into late last year. The problems with “producing the note” have been known since 2007. The banks (and GMAC/Ally in particular) have tried to quash public release of depositions and court cases in which they’re show to be frauds, incompetent and filing fraudulent affidavits.
Most of all, the reason why people have been slow to pick up on this, and conservatives in particular, is that the majority of conservatives didn’t give a rat’s ass about the rule of law, or frauds upon the courts, false affidavits or anything else. All these supposed conservatives knew is that someone MIGHT get a “free house” out of a legal challenge to the banks, and therefore any legal argument made about the veracity of the affidavits, etc was just the actions of deadbeats trying to get a “free house.” Hell, the recent legislation to allow notarization of documents to cross state lines (HR 3808) that Obama is vetoing (by pocket veto, apparently) was brought forward in both houses by Republicans. Republicans have been on the wrong side of the issues with the banks in 2005, they were on the wrong side of the issue with TARP, and they’re on the wrong side of this issue now.
When Republicans take off their kneepads and quit putting out for the bankers for free, maybe they can be taken seriously on this issue.
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